19 Aug Diminished Value of Cars
Even After Repair, Your Car is No Longer Worth its Pre-Accident Value
If your car is involved in an accident and then repaired, its value will most likely not equal the same amount had it never been in an accident. This is called diminished value, or diminution. For example, take two 2009 SUVs with 75,000 miles in clean condition. Both have an average trade-in value of $17,800. One of them is wrecked and needs $8,000 in repairs. Even though repairs are made, the Carfax reflects, and experts know, that the two cars are not worth the same amount anymore. On average, experts say that the wrecked car has lost 30-40% of its value. That’s $5,340-7,120!
How Do I Recover the Lost Value of My Car?
Virginia recognized claims for diminished value. (see Averett v. Shircliff, 218 Va 202 1977; Va. Model Jury Instr. 9.060 – “when personal property is partially damaged, the measure of damages is the reasonable cost of repairing the property plus the amount, if any, the property was depreciated because it was damaged…”) Many insurance companies pay for the repairs, but discourage and even deny diminished value payments.
Paullin Law Firm has recovered damages for diminution of value in every case it has tried. Contact Paullin Law Firm, 804-464-3765 for a review of your wrecked vehicle and analysis to determine if your vehicle has suffered a reduced value. Protect your rights. We will aggressively fight for your recovery!